Reddit is launching paid subscription services

22.03.2023

If you're an avid user of social media, you may have noticed a disturbing trend in recent months: the rise of subscription-based platforms.

The era of free and easy social media access seems to be coming to an end. Some of the biggest players in the game, including Twitter and Facebook, are using paid models that could leave users feeling like they've been left on read.

When Twitter announced its paid subscription service, many users were left scratching their heads. The lure of a coveted blue verification mark and priority in replies was too strong for some users to resist. The ultimate disrupter came to the company's CEO, Elon Musk, and raised the price of the subscription to $7.99 per month. What started as a quirky experiment in Canada and Australia became a serious business model for Twitter.

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Facebook: The trend of social media platforms launching paid subscription services is picking up steam. The premium program for Facebook and Instagram is named Meta Verified, a new program that is being announced by Mark Zuckerberg, the CEO of Meta Platforms Inc. The program, which will first be available in Australia and New Zealand, promises to give users the blue tick verification badge that shows a verified account. Facebook is not taking away any existing verified badges like Twitter.

According to a Bank of America Corp. research note, the service could prove to be a lucrative venture for Meta. The note states that the subscription service could be popular among influencers, creators, and businesses that want to enhance their social media presence. If the service takes off as predicted, the note predicts that Meta could earn $1.7 billion in high-margin revenue by 2024.

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Snap Inc. SNAP: Snapchat, the popular photo-sharing app, launched its own premium service in June 2022. The service, initially available in select countries, has gained additional features and expanded to more regions. It's a relatively affordable option for those who want to take their Snapchat game to the next level.

Reddit: While some social media platforms are just dipping their toes into the paid subscription waters, Reddit has been in the game for a long time. In 2018 the premium membership program, formerly known as Gold, was rebranded to Premium. For $5.99 per month, users can enjoy perks like Ad-free browsing, custom avatars and Reddit coins to give awards to other users. While these perks may seem minor, they're enough to entice many Reddit users to pay up for the premium experience. With Reddit's loyal and engaged user base, it's no surprise that the platform has been able to sustain a successful paid model for so long.

As other social media platforms continue to experiment with paid models, they could do worse than look to Reddit for inspiration on how to make it work. Reddit knows a lot when it comes to building a strong online community.